PM Anwar explores crypto regulation after UAE and Binance founder CZ discussions to modernize Malaysia’s financial framework.
Malaysia Explores Crypto Regulation
The Malaysian government is considering developing a cryptocurrency policy to modernize its financial system and embrace digital finance.
PM Anwar’s Discussions with UAE and Binance CZ
Prime Minister Datuk Seri Anwar Ibrahim discussed crypto regulation with Abu Dhabi officials and Binance founder Changpeng “CZ” Zhao during his visit to Abu Dhabi.
A Shift from Traditional Finance
Anwar emphasized that Malaysia must adapt quickly to global financial advancements. “This will be a radical departure from the old ways,” he said.
Potential UAE-Malaysia Collaboration
Anwar highlighted the UAE’s willingness to collaborate with Malaysia to develop a robust crypto framework.
Comprehensive Studies Needed
The policy would require detailed studies by Malaysian authorities, including the Treasury, Securities Commission, and Bank Negara Malaysia, to address challenges.
Recent Regulatory Actions in Malaysia
The Securities Commission recently ordered Bybit to cease operations and placed Atomic Wallet on its investor alert list for unregistered activities.
Balancing Innovation with Regulation
Anwar acknowledged concerns but stressed the need for skilled personnel, regulatory clarity, and industry participation to make crypto-friendly regulations a reality.
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